SIFMA submitted comments to the CFTC requesting time-limited no-action relief relating to confirmations for swaps not required or intended to be cleared that are executed on swap execution facilities. SIFMA's letter echoed a recent letter to the CFTC from the Global Foreign Exchange Division ("GFXD") of the Global Financial Markets Association ("GFMA"), which requested that the CFTC Division of Marketing Oversight ("DMO") not recommend enforcement action against a swap execution facility ("SEF") that has failed, prior to January 1, 2015, to comply with the requirements of the CFTC in

The U.S. Senate Banking Committee held a hearing to consider nominations to the Board of Governors of the Federal Reserve System ("FRB"), U.S. Department of Housing and Urban Development ("HUD"), and National Credit Union Administration Board ("NCUA"). The following persons were nominated: Dr. Stanley Fischer to be a Member and Vice Chairman of the Board of Governors of the FRB (view testimony); The Honorable Jerome H. Powell to be a Member of the Board of Governors of the FRB (view testimony); The Honorable Lael Brainard to be a Member of the Board of Governors of the FRB (view testimony); Mr

The House Financial Services Committee passed five bills with bipartisan support that are intended to provide regulatory relief to smaller businesses and community financial institutions. The five bills primarily relate either to mortgage finance or to easing SEC registration requirements for small issuers. H.R. 4167, the Restoring Proven Financing for American Employers Act (53-3) would amend the Bank Holding Company Actto allow banks to invest in collateralized loan obligations ("CLOs") issued before January 31, 2014. The bill also would clarify the definition of ownership interest in a

New SRO rules and rule proposals were announced by the SEC. Click on the links below to view the SEC's notices of the rule changes for the week of March 10 - March 14: Trading ISE: Effective Immediately - Rule Change to Permit Market Makers to Enter Opening Only Orders in Appointed Options Classes (see also Exhibit 5) CME: Effective Immediately - Rules Changes Regarding Implementation of Rules to Address Third Party Swap Execution Platforms ISE: Proposed Rule Change Related to Complex Orders NYSE: Proposed Rule Change to Adopt the Bond Trading License and the Bond Liquidity Provider Programs

The U.S. Senate Committee on Foreign Relations reported out a bill introduced by Senator Menendez authorizing sanctions against Ukrainians and Russians responsible for threatening violence or undermining peace in Ukraine, as well as those responsible for "significant corruption" in Ukraine and Russia. While the bill has yet to be assigned a number, a copy of it is attached below. There is also attached a resolution passed by the Senate on March 11 condemning "illegal Russian aggression in Ukraine" that, among other things, urges President Obama "to use appropriate diplomatic and economic